The Leeds, UK-based company has reported a net profit of 2.9m pounds ($5.2m) for the full year ended June 30, 2004, up from 2.4m pounds ($4.3m) in 2003, and almost reaching the 3m pounds ($5.4m) it reported in 2002. Revenue remained flat for the year at 77.5m pounds ($140m), despite a 2.8m pound ($5m) contribution from the acquisition of I Support Services in December.
The company’s 2003 profitability was affected by a 700,000 pound ($1.2m) exceptional item, which was set aside in March 2003 to cover the potential cost from having distributed pirated Microsoft software to clients over the past five years. Although not to blame for the piracy, ICM was liable because the supplier that sold it the software went into receivership in October 2002.
Over 2004, ICM’s IT Support and Business Continuity operations both grew revenue over the year by 17% and 25% to 32.4m pounds ($58.5m) and 12m pounds ($21.6m) respectively, while the IT Solutions operations declined by 18% to 33.1m pounds ($59.7m).
Business Continuity is the main focus of the company’s expansion plans in the coming years. The board has stated that it will need to build a further three Business Continuity centers in the UK to meet its goal of providing a UK-wide network of centers. In April 2004 the company doubled the size of its facilities in London.
